Doximity (NASDAQ:DOCS) Given New $52.00 Price Target at Guggenheim

Doximity (NASDAQ:DOCSGet Rating) had its price target cut by research analysts at Guggenheim from $70.00 to $52.00 in a research report issued to clients and investors on Wednesday, Briefing.com reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 64.82% from the stock’s current price.

Several other equities analysts have also issued reports on the stock. Robert W. Baird dropped their target price on shares of Doximity from $68.00 to $45.00 in a report on Wednesday. Raymond James dropped their target price on shares of Doximity from $60.00 to $40.00 in a report on Wednesday. Morgan Stanley dropped their target price on shares of Doximity from $55.00 to $35.00 and set an “equal weight” rating on the stock in a report on Wednesday. The Goldman Sachs Group dropped their target price on shares of Doximity from $72.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Needham & Company LLC dropped their price objective on shares of Doximity from $70.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Doximity presently has an average rating of “Buy” and an average price target of $53.08.

Shares of Doximity stock traded down $2.22 during trading on Wednesday, hitting $31.55. The company’s stock had a trading volume of 184,926 shares, compared to its average volume of 1,916,498. Doximity has a 52 week low of $27.06 and a 52 week high of $107.79. The stock has a 50-day moving average price of $45.34 and a two-hundred day moving average price of $52.15.

Doximity (NASDAQ:DOCSGet Rating) last issued its quarterly earnings data on Tuesday, May 17th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.06. Doximity had a net margin of 39.15% and a return on equity of 20.38%. The company had revenue of $93.65 million for the quarter, compared to analysts’ expectations of $90.17 million. The business’s quarterly revenue was up 40.4% on a year-over-year basis. As a group, equities analysts anticipate that Doximity will post 0.63 earnings per share for the current fiscal year.

In other news, Director Kira Scherer Wampler sold 2,200 shares of the stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $53.10, for a total transaction of $116,820.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gilbert H. Kliman sold 826 shares of the stock in a transaction that occurred on Friday, February 25th. The shares were sold at an average price of $59.00, for a total transaction of $48,734.00. The disclosure for this sale can be found here. Insiders sold a total of 32,200 shares of company stock valued at $1,801,924 over the last ninety days.

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Doximity by 81.2% during the 1st quarter. Vanguard Group Inc. now owns 7,501,908 shares of the company’s stock valued at $390,774,000 after buying an additional 3,362,575 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in shares of Doximity by 153.8% during the 1st quarter. Allianz Asset Management GmbH now owns 4,170,440 shares of the company’s stock valued at $217,238,000 after buying an additional 2,527,010 shares in the last quarter. Clearbridge Investments LLC lifted its stake in shares of Doximity by 559.5% during the 1st quarter. Clearbridge Investments LLC now owns 2,682,876 shares of the company’s stock valued at $139,751,000 after buying an additional 2,276,056 shares in the last quarter. Echo Street Capital Management LLC lifted its stake in shares of Doximity by 34.9% during the 1st quarter. Echo Street Capital Management LLC now owns 2,458,587 shares of the company’s stock valued at $128,068,000 after buying an additional 635,481 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Doximity by 141.3% in the 1st quarter. Invesco Ltd. now owns 2,410,842 shares of the company’s stock worth $125,581,000 after purchasing an additional 1,411,849 shares in the last quarter. 67.88% of the stock is owned by hedge funds and other institutional investors.

Doximity Company Profile (Get Rating)

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's cloud-based platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up-to-date with the latest medical news and research, and manage their careers.

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Analyst Recommendations for Doximity (NASDAQ:DOCS)

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